Enigma Signal is a fully automated “algorithmic” trading software designed to be auto-traded with Ninja Trader Brokerage. The company marketing materials claim, “achieve financial freedom in only 15 minutes each day.” They claim to have developed a trading system using artificial intelligence and ‘swarm technology.’
The company claims that they can predict the future on any time, infinitely into the future. And with any tradable security.
The individuals marketing this software appear to be outrageous scoundrels with a long and sad history of selling all manner of investment educational products and services.
The owner of the company and all of the persons selling this product have no verifiable record of ever trading successfully. Nor were they willing or able to produce any proof of prior success.
A multitude of red flags including a fake hedge fund and prior regulatory sanctions involving the CFTC within the binary options industry.
User Review( votes)
Thanks for reading today’s review of Enigma Signal. What is Enigma Signal? Enigma Signal is an automated algorithm trading software built to work with NinjaTrader and Sierra Chart.
The software claims to be able to predict the futures of all financial markets through its supposedly trademarked “Swarm Artificial Intelligence Technology.”
The software claims to work on any and all time frames, as well as any liquid market. The company claims that once you open your NinjaTrader brokerage account, you simply turn the software on and it will essentially ‘solve all of your money problems.’
In fact, the marketing material claims “achieve financial freedom in only 15 minutes each day.”
The company is offering the following products and services:
- 30-day trial of Enigma Signal $99
- 90-day membership $1,495
- 1-year membership $4,995
- Lifetime membership $9,995
Enigma Signal appears to be using various web promotions including several seminars hosted at Online Trader Central.
Who owns Enigma Signal?
According to recordings of the seminar, and a great deal of web snooping, there appear to be three main characters.
The developer of the company appears to be a person named Mark Sear. You can view his LinkedIn profile through the following link: Mark Sear
The resume and profile page of Mark Sear appears to be quite impressive. Going back the past 15 years, he has worked at various high-value companies in big data, related projects. If all of this is true, then it would appear that Mark would be a good candidate to develop an interesting software product.
As impressive as Mark’s resume appears, his sales and promotional affiliations are extremely sketchy.
For instance, during the month of August 2018, I reached out to Enigma Signal with specific questions regarding a possible review. What I discovered next should cause great concern.
All of my UK based email inquiries were answered by a person named Isaac Tekeste. When I read this name, a big red flag went up. In the past 4 years of writing reviews about trading products, you begin to notice the same names reappearing over and over again. Except that the company and the products being sold are entirely different. Lets take a closer look:
The first of several complaints that I have fielded regarding Isaac Tekeste is from a UK based Forex educational company named Phoenix Trading Academy. Isaac and his two cohorts have quite a wonderful story to tell, in hopes that you will give them $20,000 for an “Elite Forex Trading Educational Program.” You can find this supposedly elite program on his website.
Isaac Tekeste has ordained himself with the grandest of titles, “The Forex King.”
Isaac also claims to be a “wealth creation strategist” and a full-time professional Forex trader that has earned millions of dollars in the Forex markets.
In addition, Isaac claims to be the founder of a hedge fund named Alchemy Zurich. However, there is no listing for any fund named Alchemy Zurich in the US, UK, or Switzerland. This appears to be a figment of his imagination.
I find it only too ironic that the name of his supposed hedge fund contains the word ‘Alchemy’ which literally was a fraudulent science that took root during the dark ages. Alchemist claimed to be able to turn base metals into gold with magical spells, potions, incantations, and animal urine.
Truth be told, I have lost count of all of the whack-a-doodle investment quakery that Isaac Tekeste has been involved. At one time, he had something called CityTa Forex Mastery where he traveled throughout Africa with his bottles of snake oil forex whack-a-doodle.
At another time, that is forever recorded in the annals of investment genius, he had some sort of company named The Wealth Institute. Yet another delivery van full of only the finest snake oil investments haberdashery.
I can continue for some time, but you should be getting the point.
Does Isaac Tekeste have any sort of track record that verifies any of his supposed trading success? Absolutely not. In fact, over a two week period, during the month of August 2018, we peppered him with anonymous emails requesting his personal trading performance. He refused.
Is he trading the magical trading system, the Enigma Signal? Who in the heck knows. We asked many times for verifiable performance, he refused every request. Instead, he responded with some lame huff-n-puff story about being the manager of his galactic sized hedge fund and he could not reveal his personal performance. But he assured me that some of the top hedge funds in the world are currently managing billions of dollars each and every day using the magical trading software.
Toward the end of my conversations with Isaac, he assured me that “nearly 100% of customers pay for their $10,000 software fee with trading profits, in only a few short months.”
Ok, Isaac. Whatever you say.
Abraham ‘Abe’ Cofnas
In the United States, another character named Abe Cofnas handles the sales and operates the live trading room during the US market hours.
Wow, I don’t even know where to start with Abe Cofnas. He used to be the head trader and senior market analyst for an Israeli based company named Banc De Binary.
Banc De Binary turned out to be a massive binary options investment scam that ripped off customers the world over. On March 9, 2016 the CFTC and a judge in Nevada ordered Banc De Binary to pay an incredible $9,000,000 in restitution to ripped off United States investors.
The Banc De Binary fraud was incredibly massive and relied upon companies that touted supposedly winning binary options trading signals, like Binary Dimensions, a company owned and operated by Abe Cofnas.
How long has Abe Cofnas been husting Forex and Binary options snake oil? This is a question that I cannot answer. However, only a cursory search of Abe Cofnas phone number turns up an army of ‘trading educational’ websites where Abe Cofnas will supposedly help you get rich in the Forex markets.
This guy is so dirty that he even worked at Market Traders Institute as a so-called investments mentor. Everything you ever wanted to know about Market Traders Institute can be found here. The characters running Market Traders Institute were involved in a massive Ponzi scheme in South Florida.
I could write a tome on just Abe Cofnas. This guy is so oily that it makes snakes blush.
Wrapping things up
When I write these reviews, I take a big picture overview of not only the product but the people involved with the company. When I see the same ‘shady’ names reappear over and over again, I get worried.
Issac Tekeste and Abe Cofnas are a couple of investment charlatans that I would avoid like a port-a-potty at a music festival. It just smells terrible and the things you find are just gross.
The only thing that doesn’t make sense is Mark Sear. He just doesn’t fit squarely with the characters selling his product. His resume and non-trading affiliations are legitimate. Maybe when Mark reads this review, he will take his ‘investment software’ affiliations into reconsideration.
And perhaps Mark Sear will actually open a trading account and ‘eat his own cooking.’ As it currently stands, it appears that Mark Sear cooked up this magical trading software and is relying upon long time hustlers to sell it.
Thanks for reading.
Let me correct the record. Thus is Abe Cofnas Firdt of all, i was never Head Trader for Banc de Binary. They assigned me that title without any trading for them. All i did for Banc de Binary was to write a Trading Manual to help their staff understand Markets. I never participated in sales. Secondly, at Market Traders Institute i provided fundamental analysis of markets and designed new couurses. I was not in sales. I have 5 books on trading and one published by Bloomberg Press. I was a xonsumtqnt to NADEX and develped a binary option teadinh course for them. As far as Enigma Signal, i helped Mark test the US market for about 1 month and did not lead US operations. Mark Sears us a rilliant data scientisr honest person who would never participate in a scam operation. This review is beyond professional with accusations that are absurd.
I am writing concerning Inteligex. I have been interested in and working with Inteligex since May 2019. The principles are Mark Sear & Peter Northwood. In my experience with these 2 gentlemen, I have been treated extremely well; they have bent over backwards to assist me in my trading journey. The offer of using Inteligex for 30 days – $99 – fully refundable if it isn’t for you, whatever the reason, is very fair and reasonable. They are continually improving and updating the product and both are very generous with time and advice. I find them both to be open and honest; this isn’t a puff-piece or paid for, it is my personal experience.
I could do some sort of tracking for a few months on the signals. That would be a fair compromise.
The big issue I had with the company was the marketing affiliations.
They changed their name in Inteligex
This is Isaac responding to the slanderous accusations you are making against me. This will be my only response as it took long enough to write but I did so in the interest of providing the facts rather than the fabrications which your review is plagued with. I have nothing to hide and am proud of my background in trading as well as trading education. Here are the facts:
1, You claim I responded to your email enquiries – unless you used a different name, I have no record of ever having spoken to you. You claim that in August 2018, you “peppered me to give trading records for two weeks” – that is a lie as again I have no email records of such a conversation. Email records do not lie so it’s very easy for me to prove in court that such a conversation never took place.
2, You claim I am running a scam from Phoenix Trading Academy. Where is your evidence? Have you spoken to previous students or received a complaint from someone who bought a program from us – no you haven’t. So why make baseless accusations. We sell courses at various price points and there is no hard sale on there. We even have a totally free course and there is no hard sales pitch either. You didn’t even bother to quote the correct prices for our courses as they are not $20,000. Anyone can click on the link you gave and verify this.
3, I have never claimed to have made millions and millions of pounds in trading – I give a realistic appraisal of what can be achieved. I live a comfortable lifestyle that gives me time and money freedom to spend with my children and family. You don’t need to be a millionaire to be financially free or very comfortable. Also I value time more than money as that is the one commodity we will never get back.
4, Regarding my title as Forex King – don’t take everything so literally and seriously – it’s meant to be a light hearted title given to me by a friend of mine.
5, I did have a private fund called Alchemy Zurich – you missed out the detail that it was a private trading fund not a public hedge fund. I ran this for several years to trade a mixture of mine and other client’s money based outside of the UK using a Multi Account Manager through an STP Broker. If you don’t like the name then that’s your issue not mine. Alchemy refers to the art of turning lead into gold and is again symbolic of turning something valueless into something valuable. Anyone can understand this.
6, You claim to have lost track of the “whack-a-doodle investment quakery” I have sold over the years yet we have never corresponded and you have never spoken to any of my clients/students so where is your evidence?
7, I worked with City TA and KTA to roll out trading courses in Africa. Some of this was in partnership with London Stock Exchange. Again you’re accusing me of being an oily salesman etc on the basis of what, selling courses? Most of what we did was for free but you failed to mention that. As an African I am passionate about bringing financial empowerment to my continent so can assure you that this work will continue.
8, You say you asked for proof that Enigma Signal works or that I told you 100% of people make their money back in a few months. Firstly you and I never spoke so your statement is untrue. Also I say at the end of my presentation “on average, people make their money back within 3 months starting with $10,000 minimum”. Average is not the same as all. Where did we get this from? From our customers who are currently using the system. Does that mean 100% of people will make money? No, does that mean there is a good chance of someone who buys the software making money? Yes. Just listen to the recording and you will see we go through winners and losers, we don’t over promise, we give an honest assessment of what you can achieve. There is no holy grail in trading – you just need an edge with sensible money management and realistic expectations.
9, You claim that I told you that some of the top hedge funds in the world are using our system to manage billions of dollars on a daily basis. I never said this. There is nothing in our material or presentation which states this so I have no idea where you got it from. We do have smaller hedge funds and prop firms interested in our software as well as brokerages looking to roll it out to their clients to help them with their trading and I’m sure in time larger institutions will pick it up. Bear in mind Enigma launched very recently.
Your review is based on half truths, total fabrications and misinformation especially as we have never communicated. This is nothing more than defamation of character hence why I have taken the time to respond fully. It’s easy to make attacks sitting behind a keyboard anonymously. If you had reached out to me then you would have got direct answers to your questions rather than rely on assumptions. I’ve previously used your site to review other products but now I see that they could also based on unfounded “research”. It’s ironic that you are quick to accuse others of lying when you yourself are the worst perpetrator of the crime.
Thanks for this review. I actually did what you said and disassociated myself totally from Abe after checking his credentials in more depth. I have no interest in working with people that have ever been involved with Binary Betting. I’m not sure if he was a willing part of Banc De Binary (who were an incredible set of scumbags IMO). Either way Abe is no longer involved with me at all. Isaac (I believe) ceased to work with Phoenix in early 2018 and if he hasn’t then I will terminate that relationship also. The stuff in Africa I have no clue about but will get to the bottom of. It’s always difficult when you meet someone. In his defence I will say that all I have ever seen him do is to genuinely try to help people trade well. We do run our own accounts and we do use the software. I am a self confessed lousy trader in every way other than algos. That’s why I developed the software. Few people can actually tase at a profit (under 10% seem to be the official stats). I’m pretty open about that. The software is an edge. That’s it. Nothing more. Nothing less. There is no silver bullet – even Blackrock lnow that. Again. Thanks for the effort you put into the review. It’s helped me produce a better product and remove people from the company that have had ethics problems. Yes
Thanks for responding, Mark.
When I dug into your credentials and looked at your prior work, the association didn’t add up. The initial reaction was that you developed something useful, but had no idea how to distribute it. And so, you accessed the usual channels. You ignorantly stumbled into the swamp and got mud on your pants!
Would love to take another look at your product. It probably is better than the review. But the low laying, poison fruit of association pulled the opinion toward the distasteful.
Please do the trading world a favor, find someone that can at least ‘break even’ using the platform. A positive review will be promptly written. Humble pie is my favorite flavor.